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Ratables increased $50 million in 2007
(by Karen F. Mrnarevic - February 07, 2008)
The Woodcliff Lake Tax Assessor reports that the total value of property in the borough rose nearly $50 million in 2007. According to Borough Administrator Ed Sandve, “That is about a three percent increase on the town’s ratable base” from last year.
Although Sandve said that a portion of the ratable increase can be attributed to new corporate growth, the building of new residential developments also contributed. “Growth in the last couple years has been good,” he said. The borough’s current ratables total approximately $1.6 billion.
Councilman Jeff Bader said that residents can expect less of a tax increase this year, due to the increase in revenue. However, he added, “We don’t know what the budget will look like,” so it is not yet possible estimate what the change in taxes will be.
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